Pretty simple IMO. Use a R/S to merge the common with the preferred and make the preferred a buck. Probably didn't have enough common to merge into the preferred at a buck's value, so he raised the share total.
He's got plans. But do they benefit the share-heifers?
Here's something to think about. Pull up any major exchange listed stock and see what happens right before record date for dividend and see what happens. Pps usually goes down so mm's can load. Share structure on this doesn't look that bad. I have seen worse with run hard that isn't offering a dividend. GO DCAC!
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